The Institute of Statistical, Social and Economic Research (ISSER) is urging government to prioritise manufacturing, agricultural productivity and private-sector financing to translate Ghana’s economic growth into jobs and improved living standards.
Director of ISSER, Professor Robert Darko Osei, says the country must focus on economic growth that generates employment and delivers tangible benefits to households. Speaking at the launch of the 2025 State of the Ghanaian Economy Report, he said stronger growth could accelerate improvements in incomes and economic opportunities.
“I think it’s very simple. The one-liner is that we need to translate that into real jobs, real sector improvements,” Professor Osei said.
He explained that increasing economic growth by two percentage points could reduce the time needed to double per capital gross domestic product (GDP) by about five years from the current estimate of 17 years. Professor Osei identified manufacturing as critical to job creation, warning against excessive reliance on raw material exports.
“The growth effort, we cannot ignore. We need to consolidate and we need to improve it. But the type of growth also matters. Because point source, relying so much on point source resources such as gold cannot be sustainable,” he said.
He also warned that government borrowing could limit access to credit for businesses seeking to expand.
“If government continues to borrow, then the tendency is that it’s going to crowd out private credits,” he said.
Meanwhile, Head of the Economics Division at ISSER, Professor Fred Dzanku, says declining inflation has not necessarily eased the cost-of-living burden on households. He noted that although inflation has fallen considerably, prices have not necessarily declined.
“Even though inflation, which is measuring the rate of increase in prices, have reduced considerably, it doesn’t mean prices have fallen,” Professor Dzanku said.
He explained that households could remain financially strained when their incomes fail to keep pace with rising prices, even as inflation slows.
“What we need to do really is to see how do we increase the incomes of households. Because when your income increases, your disposable income increases, you are better able to afford the same commodity,” he added.
Professor Dzanku stressed that the inability of consumers to afford goods and services remains a major concern.
“That’s why people normally will say that we are not feeling it in our pocket, because they don’t have money,” he said.
The ISSER report highlights the need to complement macroeconomic stability with job creation, productive investment and higher household incomes to ensure that economic recovery benefits businesses and ordinary Ghanaians.